According to Deep Tide TechFlow news on December 10, reported by The Block, Bernstein analyst Gautam Chhugani's latest research report pointed out that despite Google releasing its first quantum chip Willow, its 105 qubits computing power is still far from the millions of qubits needed to crack Bitcoin ECDSA and SHA-256 algorithms.
Bitcoin recently dropped below $100,000 mainly due to excessive leverage rather than the threat of quantum computing. The firm maintains its 12-month price target for Bitcoin at $200,000, recommending investors to 'buy the dip' in the $95,000-$98,000 range. The report emphasizes strong ETF demand, along with continuous accumulation by institutions like MicroStrategy, MARA, and Riot, indicating an optimistic long-term outlook.
According to previous news, Google CEO Sundar Pichai announced the new generation quantum computing chip Willow. Cryptocurrency venture capital expert Adam Cochran stated that this breakthrough shortens the time for the crypto industry to respond to quantum computing risks to less than 10 years.
